Bitget Research Institute: BTC breaks through $72,000 to set a new high, Cancun upgrade contains wealth creation opportunities
In the past 24 hours, many new popular currencies and topics have emerged in the market. Perhaps they are the next opportunity to make wealth.
MicroStrategy, the engine of the bull market, continued to exert its strength and spent approximately US$800 million to purchase 12,000 BTC, helping BTC break through US$72,000 and hit a record high. in:
Sectors with strong wealth creation effects are: blue chip sectors and old public chain projects
The most popular tokens and topics searched by users are: Blast ecological head Dapp, METIS, UNIBOT, CELO, GROK;
Potential airdrop opportunities include: Mode Network, Stack;
Historically, there was a huge correction in the crypto market on March 12, and investors strategies tended to be cautious and bullish. The trend of MicroStrategy and Wall Street capital continuing to buy BTC has not changed, so BTC is expected to continue to rise. The Cancun upgrade will be activated on the mainnet on March 13, and there is a high probability of wealth opportunities in the tokens of benefiting projects, including: ARB, METIS, IMX, etc.
Data statistics time: 4:00 on March 12, 2024 (UTC+ 0)
1. Market environment
In the past 24 hours, BTC reached a new all-time high, breaking through the integer mark of US$72,000, and ETH rose above US$4,000, setting a new stage high. MicroStrategy, the bull market engine of the crypto market, purchased 12,000 BTC for approximately US$800 million, which was an important reason for BTC to form a key breakthrough. The markets bullish sentiment is high and funds on the market are extremely active. BTC may continue to rise.
Yesterday, the two U.S. presidential candidates sent favorable signals to the crypto market: Biden said the Federal Reserve was about to cut interest rates, and Trump said he would not suppress BTC if he was elected president. Fiscal policy will be more aggressive in the presidential election year, and macro liquidity will help promote the continued upward movement of the crypto market. Affected by liquidity, the MEME sector may continue to fluctuate, so it is recommended to pay attention.
2. Wealth creation sector
1) Sector changes: blue chip sectors (BTC, ETH)
The main reasons: 1. MicroStrategy spent US$800 million to directly invest in BTC; 2. BTC ETF continued to have net inflows;
Rising situation: BTC broke through 72,000 US dollars, reaching a record high; ETH stood firm at 4,000 US dollars;
Factors affecting the market outlook:
Whether the net inflow of BTC ETF can be sustained: The net inflow data of BTC ETF has maintained the net inflow for several trading days, and the amount of net inflow is gradually decreasing; in the future, we need to pay attention to whether the net inflow of BTC ETF can be sustained. If there is a first net outflow, we need to consider lower leverage;
Crypto market sentiment: Today is March 12. Historically, there has been a huge correction in the crypto market. Market participants will be wary of the risk of a pullback and adopt a cautious long strategy. It is recommended to set reasonable stop loss lines in the past two trading days to prevent unexpected market corrections.
2) Sector changes: old public chain projects (XRP, LTC)
The main reasons: 1. BTC and ETH broke through and rose, driving the market upward; 2. There was an influx of hot money, and the open interest of XRP and LTC increased sharply;
Rise: XRP, LTC, RVN rose by about 15%;
Factors affecting the market outlook:
Changes in trading strategy: After BTC broke a new high, XRP and LTC performed seriously weaker than the market, and there was a compensatory increase. Taking LTC as an example, LTC is currently trading at US$100, with a bottom support of US$70 and a previous high of US$270. LTC has a maximum retracement of 30%, and the return rate of participating in the transaction is 270%. The risk-return ratio is very high, and it has attracted the attention of the market; XRP and LTC are likely to have a compensatory increase in the near future, and it is recommended to pay attention;
Increase and decrease in open interest: The open interest of XRP and LTC surged yesterday, indicating the influx of hot money. Funds need to raise the spot prices of XRP and LTC before positions can be closed and profits taken. According to the recent habit of main funds pulling orders, there is a high probability that spot assets will realize two or three pulls and adjustments. Therefore, you can focus on the increase or decrease in the open interest of XRP and LTC contracts.
3) The sectors that need to be focused on in the future: Cancun upgrade sector
The main reason: The ETH Cancun upgrade will be activated tomorrow (3.13) to improve the efficiency of transaction execution on the ETH network and improve the narrative space of ecological projects;
Specific currency list:
ARB: The TVL of the Arbitrum ecosystem continues to rise in the bear market, which can provide original funds for ecological development and project deployment. However, the performance of the ARB token is weak and there is room for supplementary growth;
METIS: The first to use OP Rollup and ZKPs Rollup at the same time. After the Cancun upgrade, network performance will be greatly improved. METIS has been actively supplemented by exchanges recently, and there is a greater chance of subsequent growth;
IMX: The L2 header of the game. After the Cancun upgrade, the TPS will be significantly improved, which will be more conducive to the uploading of game data and reduce user interaction costs. IMX will directly benefit from the Cancun upgrade.
3. User hot searches
1) Popular Dapps
Blast ecological head Dapp (Orbit Protocol, Pac Finance, etc.):
Blast officially announced that the annualized rate of return of Blasts ecological stablecoin USDB will increase with the update of MakerDAOs rate of return parameters. USDB holders can earn 15% annualized rate of return and Blast points. The TVL of the two leading lending protocols on Blast, Orbit Protocol and Pac Finance, has surged. In the past 7 days, TVL has increased by +367% and +423%, respectively, reaching 400 million and 280 million US dollars. By storing stablecoins in these lending protocols in the form of USDB, you can obtain the triple benefits of U-based high annualized income + Blast points + lending project points or rewards.
2）Twitter
Metis（METIS）：
METIS is the first ETH Layer 2 to innovatively use decentralized serializer. The current TVL = $1.06 B, ranking 7th in ETH Layer 2, between Base and Mantle. The project is also due to its founder. One is that Vitalik’s mother attracted market attention. Yesterday, Binance announced the listing of METIS, and the token price surged to more than 145 US dollars in a short period of time, and is currently quoted at 132 US dollars. In December last year, MetisDAO launched a US$110 million ecological development fund. At present, the fund has not yet made significant progress. METIS and the projects in its ecosystem still have huge upside potential in this bull market.
3) Google Search Region
From a global perspective:
（1）METIS：
As explained above in the Twitter trending search.
（2）UNIBOT：
Yesterday, Unibot announced that it had terminated cooperation with its Solana team and could not guarantee the safety of funds in Unibot Solanas robots, causing the currency price to plummet by 50%. Recently, 80% of the meme transaction volume on Unibot products comes from the Solana chain. Such negative news has seriously damaged the vitality of the former leading Telegram Bot project. However, Unibots product stability and profitability have been proven in the last meme season on the ETH chain. If Unibot officials can make more innovative things in the future, or properly solve the problems that occurred with Solana Bot, the price will plummet. The latter UNIBOT may be the value depression in the current market.
Judging from hot searches in each region:
(1) Europe and the United States show concern for CELO and GROK:
CELO is a Layer 1 public chain focusing on DeFi and EVM compatibility. Yesterday, Tether announced that it will launch USDT on the Celo blockchain. The price of CELO currency surged by 50% in a short period of time, with the United States, the United Kingdom, Switzerland, Spain, Germany, France, It is a hot search in Australia and many other European and American countries.
GROK also appears frequently on hot searches in European and American countries. Yesterday, Musk said that he would open source the chat robot product Grok launched by his company xAI this week. The meme coin named GROK immediately doubled in price. At the same time, the open source of Grok has brought the competition between OpenAI and xAI to a new stage. More small and medium-sized AI companies will join the two camps, or continue to benefit Nvidia, which sells hardware. AI, computing power, storage, etc. will become more lasting hot topics, and the tokens in these sectors will also be repeatedly hyped.
(2) Asia’s attention is mainly focused on METIS:
METIS appears in trending searches in most Southeast Asian and South Asian countries. Secondly, it can be found that the unissued currency project Monad appeared in the second place in Indias hot search. This hot search was mainly due to yesterdays Paradigm is negotiating to raise more than 200 million U.S. dollars for the L1 blockchain project Monad Labs, which makes the companys Valuation reaches US$3 billion news. In the future, you can pay attention to the mainnet interaction of Monad, and you may have the opportunity to obtain high-value airdrops.
4. Potential airdrop opportunities
Mode Network - the OP son of the well-known airdrop, with low threshold and fast expected returns
Mode is one of the projects built on OP Stack. Mingpai will allocate 550 million MODE tokens (accounting for 5.5% of the total supply) for airdrop incentives in April.
Specific participation methods: You only need to cross-chain tokens such as ETH to the Mode mainnet to get points, and use tokens to participate in ecological interactions to get double points. Other tips: If you want to cross back the funds, you need to wait 7 days from the official cross-chain bridge to the ETH mainnet. However, using Orbiter cross-chain can get the funds immediately, and you can use other Layer 2 chains to save gas fees, while adding Orbiter cross-chain Bridge points.
Stack - an on-chain points solution invested by Coinbase, an early potential project
Stack provides an on-chain solution for converting points into ERC 20 tokens. It was just launched on the mainnet yesterday and is a points chain specially designed for on-chain loyalty programs. Completed a US$3 million seed round of financing, led by Archetype and followed by Coinbase. In addition to the current hot airdrop point trading, after GameFi Summer starts in 2024, there may be more points in 3A games that can be used for trading, and Stack has a lot of room for development in the future.
Specific participation methods: Currently, you can register an account first and join the project community. Start understanding and participating in the project now to seize the early stages of potential projects.
Original link: https://www.bitget.com/zh-CN/research/articles/12560603806462
[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice and users should consider whether any opinions, views or conclusions contained in this article are appropriate for their particular circumstances. Invest accordingly and do so at your own risk.
